At its annual meeting this morning, Evansville-based retailer Shoe Carnival celebrated its recent successes.

“I see a lot of smiles out there, and with good reason,” board chairman J. Wayne Weaver said as he welcomed the group.

Last year the retailer earned a net income of $15.2 million ($1.20 per share,) as compared with $5.3 million (43 cents per share) in 2008. Its net sales rose from $647.6 million to $682.4 million.

President and Chief Executive Officer Mark Lemond said the company’s performance improved dramatically from the first half of 2009 to the second half, and the first quarter of this year is shaping up to be even stronger.

In the first quarter, Shoe Carnival posted its best quarterly earnings in the company’s history, earning $9.2 million (72 cents per share). Net sales in the first quarter stood at $189.5 million, up 13.3 percent from a year ago.

The retailer’s overall financial position also improved from 2008 to 2009.

Total assets rose from $293.1 million in 2008 to $311.6 million in 2009. Shareholder equity went from $204.6 million to $221.8 million, and working capital increased from $150.6 million to $176.8 million.

“The whole balance sheet continues to improve,” Lemond said.

Following the meeting, Lemond said some larger factors are helping Shoe Carnival and other retailers, even as the overall economy faces challenges. For one thing, he said, pent-up demand is driving customers to shop more. Some particularly hot fashion trends, particularly in boots and toning shoes, are also driving sales.

“There’s some things going on in the shoe industry that are counterbalancing the overall economy,” Lemond said.

Also during the brief meeting, shareholders voted to re-elect Lemond to Shoe Carnival’s board of directors; and to appoint Deloitte & Touche as the company’s accounting firm for 2010.

Shares of Shoe Carnival were trading at $24.04 mid-day on the Nasdaq market, down 7 cents.

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